logo-loader

Caledonia Mining completes US$13mln of equity funding for mine wind farm

Published: 02:57 04 Sep 2020 EDT

Caledonia Mining Corporation PLC - Caledonia Mining completes US$13mln of equity funding for mine wind farm

Caledonia Mining Corporation PLC (LON:CMCL) has raised US$13mln via a share sale run by its broker, Cantor Fitzgerald.

Proceeds of the share sale are earmarked for investment in the construction of a solar power plant to supply electricity to the Blanket gold mine in Zimbabwe. The company said it had raised the funds via its "at the market" (ATM) equity sale agreement, issuing some 597.9mln shares.

READ: Caledonia production levels above target in July

Caledonia plans to construct a solar plant to handle all of the Blanket mine’s baseload electricity demand during daylight hours and about 27% of Blanket’s total daily electricity demand.

Last month, Caledonia confirmed a strong financial and operating performance in the second quarter of 2020.

The company, at that time, told investors that the coronavirus (COVID-19) pandemic had very little effect during the period with production continuing at around 93% of the targeted level during a three-week lockdown period that started in Zimbabwe on March 30, 2020.

It said that the operating environment in Zimbabwe had continued to improve and although there had been interruptions to the electricity supply from the grid, these had been circumvented by Caledonia’s use of diesel generators.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

7 hours, 5 minutes ago